Avoid These Red Flags to Protect Your Money from the Latest Online Scams

Your phone buzzes with a text message that appears to be from your bank:

"Did you authorize a purchase on your debit card at a local apparel shop today? Reply YES if you recognize this. Reply NO if you don't, and a fraud specialist will contact you."

You reply, "No." A minute later, your phone rings. The man on the other end is calm, professional, and sympathetic.

"I'm from the fraud department. I'm going to help you stop this unauthorized transaction. I sent a six-digit code to your phone. Just read it back to me."

You do. He thanks you. The call ends.

Minutes later, three transfers leave your bank account. You call your bank and manage to cancel one. But two transfers totaling thousands of dollars are gone permanently. And because you voluntarily provided the man on the phone with that six-digit code, the bank is likely not liable for your loss.

This is a hypothetical example of what the FBI calls "takeover fraud." But the reality is that scams like this are targeting more and more seniors every single day.

On today's show, we review the latest data from the FBI’s 2025 Internet Crime Report and some best practices that can help keep your money and personal info safe.

1. Why Do Crooks Target Seniors?

In 2025, the FBI's Internet Crime Complaint Center (IC3) received over one million total complaints, including approximately 453,000 cyber fraud complaints. Americans age 60 and over are the fastest-growing victims of cybercrime, with losses of $7.75 billion last year.

Investment scams cost seniors the most amount of money, $3.52 billion. Fake "tech support" scams like the one I described above netted crooks $1.04 billion.

As a group, seniors can be susceptible to cybercrime if they're not up on the latest technology, scams, and safeguards, especially older seniors who are dealing with cognitive decline. But perhaps the biggest reason seniors are such a big target is that they tend to be wealthier than other groups of Americans. Affluent seniors also tend to have complex financial portfolios, including multiple accounts spread out over multiple financial institutions. That kind of "diversification" gives crooks multiple entry points and, in the case of identity theft scams, multiple accounts to target.

2. What Are the Warning Signs?

According to the FBI and our own cybersecurity team at Keen Wealth, any of the following should raise a red flag if they come across your phone or computer:

• Urgency or pressure to act
   "I need to confirm your Social Security number right now!" or "If you don't make this investment today you're going to miss out!"

• A request for gift cards or crypto
   Government agencies and financial institutions will never ask you to send these kinds of “payments.”

• Remote-access requests for your computer or phone
   Microsoft, Apple, Google, and your local internet provider are never going to call you and ask for access to your device.

• A warning about an unsafe account
  "We need to move your money to a secure account" is not something your bank or law enforcement will ever say.

• Romance with someone you've never met
   Romance scammers often prey on lonely seniors by building an online-only relationship and then asking for gift cards, crypto, or a "loan."

• An investment with "guaranteed" returns
   "Past returns are no guarantee of future performance" is standard boilerplate for any reputable financial institution. An investment that sounds too good to be true probably is, especially if it's being advertised via an app, link, or messaging platform.

• Threat of arrest or benefit suspension
   Government agencies put everything in writing. Or, if you're really in trouble, they show up at your door! They don't call, email, or text and tell you to send money.

• The voice of a loved one in distress on the phone
   At this year's Berkshire Hathaway shareholders meeting, "Warren from Omaha" called in via video with questions about his portfolio. Berkshire created this "deepfake" of Warren Buffett to illustrate the dangers and the sophistication of AI scams that can build out someone's voice or likeness using snippets of audio, video, or photos.

3. How Can You Protect Yourself?

It won’t take you more than an hour or two to take these steps to secure your money and your info:

• Freeze your credit at Equifax, Experian, and TransUnion. It's free, and it takes about 15 minutes. Once your credit is frozen, no one can open a credit account using your info. You can always unfreeze when you’re applying for a new loan.

• Turn on multi-factor authentication. Using a dedicated authenticator app is more secure than just turning on text (SMS) authentication.

• Add a Trusted Contact at your advisor. If something is fishy with one of your accounts and my team can't reach you, we can talk to a trusted contact like your spouse or adult child.

• Set a family code word. A deepfake won't know your family's code word that indicates a real emergency.

• Use a password manager that generates and stores unique passwords or passphrases.

• Turn on transaction alerts for real-time notifications anytime money moves in your accounts.

• Verify by phone. Don't respond to calls, emails, or texts that appear to be from your financial institutions, especially if they're requesting transfers. Call the number you know, or the number that's on your statements, and talk to customer support.

• Practice the magic phrase "Let me think about it and call you back." Rarely, if ever, do you have to make a major money decision on the spot. An investment that you're going to "miss out" on if you don't act immediately is almost certainly worth missing.

Protecting Your Financial Future

The days of an "African Prince" sending jumbled emails asking for money are long gone.

Today's scammers are smarter and use much more sophisticated technology. They're also better at targeting the strong emotions that are connected to your money: the fear of losing everything, the fear of missing out, loneliness, embarrassment, and the goodhearted desire to help people in need.

If you need a cybersecurity checkup, make an appointment to visit Keen Wealth. We can discuss what safeguards you should have around your accounts and how my team works around the clock to secure your financial future.

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About Bill

Bill Keen is a financial advisor with over 30 years of industry experience. As the founder and CEO of Keen Wealth Advisors, a registered investment advisory firm, he focuses on providing personalized retirement planning designed to help people thrive before and during their retirement years. With a passion for educating others, Bill regularly blogs about retirement planning, hosts the podcast Keen on Retirement, and has contributed to Forbes, U.S. News and World Report, Reuters, Wall Street Journal’s Market Watch, Yahoo Finance, and other publications. Based in Overland Park, Kansas, Bill and his team work with clients throughout the greater Kansas City area and across the nation. To learn more, connect with him on LinkedIn or visit www.keenwealthadvisors.com.

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